{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\3 Estimation\Summary0.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 09:30:52
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. /* Load data */
> 
> u "../3 Estimation/Estimation0", clear;
{txt}
{com}.  /* Construct latent demand including year fixed effects */
> 
> gen epsFE = eps;
{txt}
{com}. foreach var of varlist Iyear_* {c -(};
{txt}  2{com}.         replace epsFE = epsFE+b_`var'*`var';
{txt}  3{com}. {c )-};
{txt}(2,856 real changes made)
(3,216 real changes made)
(3,345 real changes made)
(3,393 real changes made)
(3,615 real changes made)
(3,574 real changes made)
(3,835 real changes made)
(3,831 real changes made)
(3,875 real changes made)
(3,804 real changes made)
(3,793 real changes made)
(3,857 real changes made)
(4,057 real changes made)
(4,127 real changes made)
(4,149 real changes made)
(4,149 real changes made)
(4,130 real changes made)

{com}. /* Table: Mean latent demand for USA */
> 
> table year type if counterpart=="USA" & !Iown,
>         totals(type) stat(mean epsFE) nformat(%8.1f);
{res}
{smcl}
{reset}{...}
{hline 7}{c -}{c TT}{c -}{c -}{hline 15}{c -}{c -}{c -}{hline 14}{c -}{c -}{c -}{hline 6}
{space 7} {c |}  {space 16}Asset type{space 15}
{space 7} {c |}  Short-term debt   Long-term debt   Equity
{hline 7}{c -}{c +}{c -}{c -}{hline 15}{c -}{c -}{c -}{hline 14}{c -}{c -}{c -}{hline 6}
Year{space 3} {c |}  {space 15}   {space 14}   {space 6}
  2003{space 1} {c |}  {space 12}{result:2.6}   {space 11}{result:2.0}   {space 3}{result:2.6}
  2004{space 1} {c |}  {space 12}{result:1.5}   {space 11}{result:1.6}   {space 3}{result:1.7}
  2005{space 1} {c |}  {space 12}{result:2.1}   {space 11}{result:1.4}   {space 3}{result:2.0}
  2006{space 1} {c |}  {space 12}{result:1.3}   {space 11}{result:1.4}   {space 3}{result:1.3}
  2007{space 1} {c |}  {space 12}{result:1.1}   {space 11}{result:1.2}   {space 3}{result:1.0}
  2008{space 1} {c |}  {space 12}{result:1.8}   {space 11}{result:1.4}   {space 3}{result:1.4}
  2009{space 1} {c |}  {space 12}{result:1.3}   {space 11}{result:0.9}   {space 3}{result:0.8}
  2010{space 1} {c |}  {space 12}{result:1.5}   {space 11}{result:0.8}   {space 3}{result:0.7}
  2011{space 1} {c |}  {space 12}{result:1.2}   {space 11}{result:1.2}   {space 3}{result:0.7}
  2012{space 1} {c |}  {space 12}{result:0.4}   {space 11}{result:0.5}   {space 2}{result:-0.1}
  2013{space 1} {c |}  {space 12}{result:0.5}   {space 11}{result:0.2}   {space 3}{result:0.2}
  2014{space 1} {c |}  {space 12}{result:0.6}   {space 11}{result:0.3}   {space 3}{result:0.3}
  2015{space 1} {c |}  {space 12}{result:0.8}   {space 11}{result:0.5}   {space 3}{result:0.9}
  2016{space 1} {c |}  {space 12}{result:1.0}   {space 11}{result:0.6}   {space 3}{result:0.8}
  2017{space 1} {c |}  {space 12}{result:0.3}   {space 11}{result:0.3}   {space 3}{result:0.3}
  2018{space 1} {c |}  {space 12}{result:0.8}   {space 11}{result:0.5}   {space 3}{result:1.1}
  2019{space 1} {c |}  {space 12}{result:0.4}   {space 11}{result:0.0}   {space 3}{result:0.9}
  2020{space 1} {c |}  {space 12}{result:0.5}   {space 11}{result:0.4}   {space 3}{result:2.1}
  Total {c |}  {space 12}{result:1.1}   {space 11}{result:0.8}   {space 3}{result:1.0}
{hline 7}{c -}{c BT}{c -}{c -}{hline 15}{c -}{c -}{c -}{hline 14}{c -}{c -}{c -}{hline 6}

{com}. /* Table: Mean latent demand for euro area */
> 
> table year type if !country_Ieuro & Ieuro,
>         totals(type) stat(mean epsFE) nformat(%8.1f);
{res}
{smcl}
{reset}{...}
{hline 7}{c -}{c TT}{c -}{c -}{hline 15}{c -}{c -}{c -}{hline 14}{c -}{c -}{c -}{hline 6}
{space 7} {c |}  {space 16}Asset type{space 15}
{space 7} {c |}  Short-term debt   Long-term debt   Equity
{hline 7}{c -}{c +}{c -}{c -}{hline 15}{c -}{c -}{c -}{hline 14}{c -}{c -}{c -}{hline 6}
Year{space 3} {c |}  {space 15}   {space 14}   {space 6}
  2003{space 1} {c |}  {space 12}{result:4.5}   {space 11}{result:2.3}   {space 3}{result:4.0}
  2004{space 1} {c |}  {space 12}{result:4.3}   {space 11}{result:2.0}   {space 3}{result:3.7}
  2005{space 1} {c |}  {space 12}{result:3.9}   {space 11}{result:1.4}   {space 3}{result:2.9}
  2006{space 1} {c |}  {space 12}{result:3.3}   {space 11}{result:1.4}   {space 3}{result:3.0}
  2007{space 1} {c |}  {space 12}{result:3.0}   {space 11}{result:1.1}   {space 3}{result:3.1}
  2008{space 1} {c |}  {space 12}{result:4.4}   {space 11}{result:1.5}   {space 3}{result:3.4}
  2009{space 1} {c |}  {space 12}{result:3.5}   {space 11}{result:1.1}   {space 3}{result:2.5}
  2010{space 1} {c |}  {space 12}{result:3.0}   {space 11}{result:0.9}   {space 3}{result:1.7}
  2011{space 1} {c |}  {space 12}{result:2.5}   {space 11}{result:0.3}   {space 3}{result:1.1}
  2012{space 1} {c |}  {space 12}{result:2.3}   {space 11}{result:0.4}   {space 3}{result:0.9}
  2013{space 1} {c |}  {space 12}{result:1.2}   {space 11}{result:0.2}   {space 3}{result:0.6}
  2014{space 1} {c |}  {space 12}{result:1.0}   {space 11}{result:0.1}   {space 2}{result:-0.4}
  2015{space 1} {c |}  {space 12}{result:0.8}   {space 11}{result:0.3}   {space 3}{result:0.1}
  2016{space 1} {c |}  {space 12}{result:0.4}   {space 10}{result:-0.3}   {space 2}{result:-0.6}
  2017{space 1} {c |}  {space 12}{result:0.1}   {space 10}{result:-0.1}   {space 2}{result:-0.7}
  2018{space 1} {c |}  {space 12}{result:0.3}   {space 10}{result:-0.1}   {space 2}{result:-0.8}
  2019{space 1} {c |}  {space 11}{result:-0.3}   {space 10}{result:-0.3}   {space 2}{result:-1.6}
  2020{space 1} {c |}  {space 12}{result:0.2}   {space 11}{result:0.1}   {space 3}{result:0.5}
  Total {c |}  {space 12}{result:2.0}   {space 11}{result:0.6}   {space 3}{result:1.2}
{hline 7}{c -}{c BT}{c -}{c -}{hline 15}{c -}{c -}{c -}{hline 14}{c -}{c -}{c -}{hline 6}

{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\3 Estimation\Summary0.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 09:30:54
{txt}{.-}
{smcl}
{txt}{sf}{ul off}